Elevator and Escalator Market to Reach USD 248.9 Billion by 2032, Driven by Smart Elevator Adoption and Modernization, Reports Maximize Market Research

PUNE, India, Feb. 17, 2026 /PRNewswire/ -- Global Elevator and Escalator Market is entering a new phase of transformation as urban density, smart building adoption, and modernization of aging infrastructure redefine vertical transportation priorities. The market was valued at USD 150.4 billion in 2024 and is projected to reach nearly USD 248.9 billion by 2032, expanding at a 6.5% CAGR during the forecast period.

Industry momentum is increasingly driven by smart elevator and IoT integration, the machine room-less elevator market, and a growing elevator modernization and retrofit market across developed regions.

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"Smart elevators and AI-driven retrofits reshape skylines, reports Maximize Market Research's latest vertical mobility insight."

Key Market Trends & Strategic Insights

Smart Elevators and Digital Integration Reshaping the Vertical Transportation Market

Smart elevators equipped with destination control systems, cloud connectivity, and AI-based analytics are transforming building operations.

The smart elevator and IoT integration market is gaining traction across commercial towers, airports, and mixed-use developments, where traffic optimization and predictive maintenance significantly reduce downtime.

Connected elevator platforms now enable:

• Real-time performance monitoring
• Remote diagnostics
• Energy-consumption optimization
• Touchless and personalized ride experiences

Machine Room-Less Elevator Market Leading New Installations

The machine room-less elevator market is emerging as the fastest-growing technology segment due to:

• Space-saving shaft-integrated motors
• Lower energy consumption
• Reduced construction complexity
• Faster installation timelines

MRL systems are increasingly preferred in:

• Mid-rise residential projects
• Commercial office buildings
• Urban mixed-use complexes

Elevator Modernization and Retrofit Market Becoming a Core Revenue Stream

Across North America, Europe, and parts of Asia, a large share of installed elevators are over two decades old.

This is accelerating demand in the elevator modernization and retrofit market, where building owners are:

• Replacing outdated control systems
• Installing energy-efficient drives
• Integrating IoT-based monitoring solutions
• Enhancing safety and compliance features

Modernization projects are becoming a long-term, recurring revenue engine for manufacturers and service providers.

Urbanization Driving Elevator Demand in Emerging Economies

Rapid urban migration and vertical real estate development in Asia-Pacific, the Middle East, and Africa are fueling the urbanization driving elevator demand trend.

• High-density developments such as:
• Affordable housing towers
• Metro rail stations
• Airports

Commercial high-rises are significantly increasing the need for vertical mobility solutions.

Smart Cities in Asia, Smart Retrofits in North America: The Dual Engines of the Global Elevator and Escalator Market

Asia Pacific: The Global Growth Engine

Asia Pacific remains the largest contributor to the global elevator and escalator market size 2032 forecast.

• Growth is fueled by:
• Rapid urbanization
• Expansion of smart cities
• Large-scale infrastructure investments
• Rising middle-class housing demand

Countries such as China and India continue to dominate new installations, making the region central to the vertical mobility solutions market.

North America: Modernization-Led Growth

North America represents a mature elevator and escalator infrastructure market, where growth is driven primarily by:

• Retrofit projects
• Smart building upgrades
• Energy-efficiency regulations
• Accessibility improvements in public buildings

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Machine Room-Less Boom and Smart Elevator Integration: The Segments Reshaping the Global Elevator and Escalator Market by 2032

Elevator and Escalator Market segmentation reveals how the global elevator and escalator market size 2032 will be shaped by shifting demand across equipment, services, technologies, and end-use sectors. The dominance of the machine room-less elevator market, the rise of the smart elevator and IoT integration market, and the expanding elevator modernization and retrofit market are redefining the vertical mobility solutions market and signaling where future investment and innovation will concentrate.

By Product Type       

Elevator

Escalators & Moving Walkways

By Services    

New Installation

Maintenance & Repair

Modernization

By Elevator Technology       

Traction

Machine room-less

Hydraulic

By End-Use    

Residential

Commercial

Industrial

Competitive Landscape

The global market is highly consolidated, led by multinational players with strong service networks and digital platforms, including:

• Otis Elevator Company
• Schindler Group
• KONE Corporation
• TK Elevator

Competition is increasingly focused on:

• Connected elevator ecosystems
• Energy-efficient elevator systems
• Predictive maintenance platforms
• Integrated smart-building solutions

Strategic Outlook

The global elevator and escalator market size 2032 forecast reflects a structural shift in industry dynamics:

Short term: Driven by high-rise construction and infrastructure expansion

Midterm: Accelerated by modernization and service contracts

Long term: Defined by AI-enabled, connected vertical mobility platforms

As buildings become smarter and cities denser, elevators and escalators are evolving from mechanical equipment into core digital infrastructure within the vertical transportation market.

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Smart Elevators, Strategic Partnerships, and AI-Driven Launches: Key Developments Transforming the Global Elevator and Escalator Market

On April 10, 2024, Otis Elevator Company introduced its Gen3 Edge connected platform, accelerating the shift toward predictive, digitally integrated vertical-mobility ecosystems. On June 6, 2024, KONE Corporation expanded its smart, digitally connected elevator solutions through strategic infrastructure partnerships. On May 16, 2024, Schindler Group partnered with HL D&I Halla for advanced residential installations. On February 19, 2025, Mitsubishi Electric Corporation launched AI-enabled smart elevators targeting India's high-rise market.

Elevator and Escalator Market News: Digital Safety, AI Control, and Predictive Platforms Redefine Vertical Mobility

The elevator and escalator industry is entering a new phase of AI-driven safety, predictive maintenance, and software-defined vertical mobility, as manufacturers and technology providers move beyond hardware-centric models toward data-centric service ecosystems.

Recent engineering research in late 2024 demonstrated AI-based fall-detection systems for passenger elevators, using computer-vision models to identify incidents inside cabins with over 80% detection accuracy. The technology is designed to integrate directly into elevator control systems, enabling automatic emergency alerts and faster response times.

Parallel developments in advanced control algorithms are reshaping dispatching and service optimization. Industrial trials of quantum-inspired machine-learning models have shown significantly improved waiting-time prediction for elevator scheduling software, enabling digital-twin environments and real-time performance optimization across complex building networks.

Elevator and Escalator Market, Key Players:

1. Otis Elevator Company (United States)

2. Kone Corporation (Finland)

3. Schindler Group (Switzerland)

4. Mitsubishi Electric Corporation

5. Thyssenkrupp Elevator AG (Finland)

6. Hitachi Ltd. (Japan)

7. Fujitec Co., Ltd. (Japan)

8. Guangzhou Guangri Elevator Industry Co., Ltd. (China)

9. SJEC Corporation (China)

10. Canny Elevator Co., Ltd. (China)

11. Shanghai Mitsubishi Elevator Co., Ltd. (China)

12. IFE Elevators Co. Ltd. (China)

13. Suzhou Diao Elevator Co., Ltd. (China)

14. Kleemann Hellas SA (Greece)

15. Wittur Group (Germany)

16. Sematic S.p.A. (Italy)

17. Cibes Lift Group (Sweden)

18. EITA Elevator (Malaysia)

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FAQs:

1. Why are machine room-less and smart elevators driving market growth?

Ans: Machine room-less systems reduce construction complexity, save space, and improve energy efficiency, making them ideal for modern buildings. Meanwhile, smart elevators with IoT and AI enable predictive maintenance, traffic optimization, and lower operating costs, making them a preferred choice in new developments.

2. How is the modernization and retrofit segment changing industry revenue models?

Ans: A large installed base of aging elevators, especially in developed markets, is creating strong demand for upgrades. Companies are shifting from one-time equipment sales to long-term service contracts, digital upgrades, and energy-efficient retrofits, building recurring revenue streams.

3. What regional trends are shaping the market outlook to 2032?

Ans: Asia Pacific dominates new installations due to rapid urbanization and infrastructure expansion, particularly in China and India. In contrast, North America's growth is led by modernization, smart-building upgrades, and stricter energy-efficiency regulations, creating a balanced global growth dynamic.

Analyst Perspective:

Elevator and Escalator Market is poised to expand through urban density, smart-building integration, and large-scale modernization cycles. Returns will increasingly shift toward service contracts, digital platforms, and energy-efficient upgrades. Competitive intensity will rise around connected ecosystems, AI-enabled maintenance, and strategic partnerships. Asia will lead new installations, while North America and Europe prioritize retrofits, shaping a technology-driven, service-centric future.

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About Maximize Market Research – Elevator and Escalator Market (Engineering Equipment)

Maximize Market Research delivers in-depth insights into the Elevator and Escalator Market within the Engineering Equipment domain, helping stakeholders navigate technology shifts, modernization cycles, and smart-building integration trends. Our research focuses on performance-driven analytics, competitive benchmarking, and forward-looking strategies that support equipment manufacturers, service providers, and infrastructure developers worldwide.

As part of the Engineering Equipment sector, our Elevator and Escalator Market studies emphasize innovation in vertical mobility, predictive maintenance, and energy-efficient systems. With a global client base, we provide actionable intelligence, strategic forecasts, and growth-oriented insights that enable companies to optimize investments, strengthen market positioning, and capture emerging opportunities.

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